Pay Restraint

After only seven years of losses, the Royal Bank of Scotland appears finally to be getting back on its feet, since it has just paid out six-figure bonuses to a hundred and twenty-eight of the wealth creators at its top trough. Three received up to six million euros (£4.3 million); doubtless because of personal humility, their identities are a secret. According to the non-executive director of the remuneration committee, these amounts constitute a reduction, and some money has even been clawed back, despite the notorious deterrent effect such measures have upon the brightest and the best. Still, those taxpayers who lack the resources to take advantage of our wholly legal loopholes and the relaxed attitude of HMRC will be gladdened to hear that only a further six or seven billion pounds and another five years will be required before RBS can start earning its keep.